Nue3 Capital leads Series C for Singapore's SuperAtom
Singapore-based financial technology start-up SuperAtom has raised USD 22m in Series C funding led by Malaysia's Nue3 Capital at a valuation of USD 370m.
Nue3 is a specialist investor in emerging financial technology assets in Asia. Its general partners are Yen Yen Lee, an executive director at Vynn Venture, and Kit Seang Tang of Kenanga Investment Bank and formerly NWP Holdings.
The fresh proceeds will be used to further expand in Indonesia, develop new products, and replicate its success in new markets including Southeast Asia and Latin America. The firm also plans to launch WealthTech products in the future.
SuperAtom received a USD 24m round in 2019 led by Gobi Partners. Chinese mobile app developer Cheetah Mobile also participated. Cheetah incubated SuperAtom in 2018 and Scarlett Xiao, a director at Cheetah, is founder and CEO of the start-up.
SuperAtom, which leverages Cheetah’s existing presence in Indonesia to develop its operations, looks to bring proven technology and business models from China to Southeast Asia.
Its main product is UangMe, a cash lending and buy now, pay later (BNPL) platform. UangMe claims applications take less than five minutes, lending decisions are made within one minute, and loans are disbursed a minute after that.
It further claims millions of users and to have distributed hundreds of millions of dollars in loans. Last month, it partnered with the Indonesian arm of fast-food chain McDonald’s to enable payments through UangMe’s BNPL feature.
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